Universal Bank

finance minister yashwant sinha hinted at a major restructuring of industrial development bank of india, including its transition to a 'universal bank', and said government wanted to speed up the process of amending idbi act for this purpose. "idbi is looking at various options and is in touch with the ministry. we will be taking appropriate actions including changes in idbi act. the idbi act is being looked at not only from the point of view of changing it into a universal bank but also from other...

IDFC, the infrastructure lender, is poised to wear the hat of a bank soon. The road ahead may be a lot more rough than the one to get the licence from the Reserve Bank of India to convert into a bank. Rajiv Lall , executive chairman, details his strategy in an interview with ET. Edited excerpts. What are the challenges in transforming IDFC to a bank? The focus is to make the transition, and there are many aspects to the transformation. For us,...

new delhi: the government has decided that idbi's conversion into a bank would be in two stages. first, it would be converted into a company and next into a bank. for this, the finance ministry would be moving two bills, first for the corporatisation of idbi and next for bringing the new company under the banking regulation act. both these bills are currently scheduled to be moved in this session of parliament. of the three major development finance institutions, the concensus within the...

NEW DELHI: A legal hitch appears to have come in the way of IDBI's proposal to become a "universal bank" through merger with a sound public sector bank having assets worth about Rs 50,000 crore. "IDBI has been asked to first identify the bank with which it intends to merge. Once this is done, IDBI Act will be repealed to facilitate the FI to become a universal bank," official sources told PTI. In the last budget, government announced...

MUMBAI: Payment solutions company Pay Point India , which is awaiting Payments Bank licence, has said Sun Pharma's ED Sudhir Valia will hold minority stake in the entity that aspires to become a universal bank in 3-5 years. "Our aspiration is to deliver well as a Payments Bank and then in a three to five year window, to become a full service bank like any other," Pay Point India's co-founder and director Romil Meghani told PTI. On...

MUMBAI: India Post is interested in turning itself into a universal bank like many of its peers across the world and a committee under former Cabinet Secretary TSR Subramanian is looking into the matter, a senior department official said today. "We still want to be a full-fledged bank. The government will decide whether they want to give to us or not," chief postmaster general, Maharashtra circle, Pradipta Kumar Bisoi told reporters here. "There is a committee under...

IDFC, the infrastructure lender, is poised to wear the hat of a bank soon. The road ahead may be a lot more rough than the one to get the licence from the Reserve Bank of India to convert into a bank. Rajiv Lall , executive chairman, details his strategy in an interview with ET. Edited excerpts. What are the challenges in transforming IDFC to a bank? The focus is to make the transition, and there are many aspects to the transformation. For us,...

NEW DELHI: The finance ministry's search for a potential merger partner for IDBI has zeroed in on three banks, namely, UBI, Bank Of Baroda and PNB. Even among these three, the focus is primarily on UBI and BoB since both are Mumbai-based, which makes the HR profile more suitable for a merger. The government wants to avoid a mismatch in staff profile between IDBI and the prospective partner, considering the glitches faced during the merger of New Bank...

MUMBAI: Bonds of the Industrial Development Bank of India (IDBI) have moved up after the Parliament passed the IDBI Amendment Bill, which paves the way for the FI's corporatisation and conversion into a universal bank. More so, with the IDBI board meeting on Friday to decide on the future course of action. The board would consider various options towards conversion into a universal bank. Yields have fallen by around 30 basis points, since both Houses of Parliament passed...

MUMBAI: McKINSEY has suggested merger of IFCI with its largest shareholder Industrial Development Bank of India (IDBI) as a revival strategy for cash-strapped IFCI. IDBI holds close to 30% equity stake in IFCI. McKinsey will be making a presentation to the board of IFCI on proposed recommendations on June 14. When contacted, IFCI chairman V P Singh declined to comment. In its preliminary review, the international consulting group has suggested two models to bailout IFCI,...

hdfc has ruled out a merger with hdfc bank for becoming a universal bank but kept options open for more acqusitions for its banking arm. "hdfc and hdfc bank are separate entities. hdfc is not planning to become a universal bank. hdfc bank, however, will go for acquisition provided we get the right bank and the right price," hdfc chairman deepak parekh said. nyse-listed hdfc bank had acquired times bank in february 2000, and has completed the manpower and technology integration. uti bank has...

NEW DELHI: Bharatiya Mahila Bank , the first all-woman bank , plans to open 16 more branches in the next four months. "We plan to add another 16 branches to our network in the next four months," Mahila Bank Chairperson and Managing Director Usha Ananthasubramanian told PTI. Two branches would be inauguarted as early as first week of next month. These are Delhi and Indore branches, she added. New branches would be coming up in state capitals and Union territories.

BUSAN, SOUTH KOREA: World's key economies on Saturday failed to reach a deal on the proposed global bank tax levy, but reiterated that progress on fiscal consolidation, strengthening banks balance sheet, and rigorous capital and liquidity rules for banks was critical to global economic recovery facing significant challenges and risks. In a communiqué issued after two days of talks here, the finance ministers of the Group of 20 leading economies said that the global economy continued to...

BUSAN: The world's top economies scrapped plans for a universal global bank tax on Saturday, giving countries plenty of wiggle room over how to make banks pay for their bailouts in future. Finance ministers from the Group of 20 countries ended a two-day meeting to review progress on a string of initiatives agreed last year to make the financial system safer and protect taxpayers from having to pay for bank rescues again. Attempts to introduce a global bank levy...

MUMBAI: IT major Infosys Technologies Ltd on Monday said it has launched Finacle Bank-in-a-Box (BIAB), a pre-configured and fully integrated framework for banking transformation. The BIAB developed by Finacle has the powerful architectural foundation and is a fully web-enabled application and process stack in a ready-to-deploy state, Infosys said in a communique to the Bombay Stock Exchange. Finacle is a universal banking solution from Infosys which addresses the...

MUMBAI: The makeover of the Industrial Development Bank of India (IDBI) into a bank will take place on October 1. The financial year of IDBI has also been extended to September 30, from March 31. Though the initial plan was to kick off the banking operations of IDBI as a stand-alone entity on April 2, the IDBI board has now approved October 1 for the effective conversion date. The former chairman of Bank of India MG Bhide, will be appointed part-time advisor, as the institution takes up...

MUMBAI: G V Nageswara Rao is the new managing director of IDBI Bank. Mr Rao assumes charge at IDBI Bank, around four months after his predecessor Gunit Chadha left the bank to move to Deutsche Bank. The IDBI Bank board cleared the appointment of Mr Rao as the new MD. The board is likely to take a decision on appointing a new chairman in a few weeks. Mr Rao was previously the MD of IDBI Capital Market Services (IDBI Caps) ? a primary dealer in...